After losing money in the Iron Finance bank run I was inspired to create a stablecoin that didn't rely on random governance tokens or require me to trust single entities, i.e. Binance, Circle, or Tether.
What it does
Uses a diversified pool of USDT, USDC, DAI, BTC, ETH, BUSD, and sUSD to create a better stablecoin. It requires funds to mint, which it then lends to earn income and provide stability.
How we built it
The plan was to use a combination of Idle and Enzyme.
Challenges we ran into
Tokenomics took a very long time to sort out. Furthermore, group members were unable to contribute during the build phase due to job-related commitments.
Accomplishments that we're proud of
The design. It is well thought out so that it remains stable as much as possible, rewards stakeholders whenever the situation allows, and further enables the stakeholders to adapt to changing situations.
What we learned
The economics of a defi protocol is much more complicated than we thought. The number of scenarios that need to be considered makes the design quite a hectic process.
What's next for StablecoinX
StablecoinX will be finished building in the next few months and launched on testnet. The spirit of the design is final.
***There is an MVP contract deployed on Kovan that isn't fully error-free. Address: 0x9091C9C1f294aBb4045083Abe570fd820965ABCe Code: https://github.com/alizain5693/StablecoinX/blob/main/contracts/MVP.sol